Censio, an Allston, MA-based company that uses proprietary software and big data to improve driving behaviour, closed a $10m Series A round of funding.
The round was led by General Catalyst Partners with participation from Bain Capital Ventures and Lakestar.
The company, which has raised more than $13m, intends to use the funds to continue developing its Usage Based Insurance (UBI) applications and services for the insurance carriers in the U.S. and in Europe.
Led by Scott Griffith, co-founder, and Kevin Farrell, President, Censio offers a UBI platform for the insurance industry featuring a downloadable mobile app that captures and helps improve driver behavior; a big data platform that provides comprehensive driving records, driver scores and analytics; and a management and analytics dashboard that allows an insurance company UBI team and customer service representatives to deploy, manage and track a UBI program.
The company offers its solution to insurance firms seeking to reduce costs, develop new insurance products and/or improve their risk assessment capabilities.